Six out of seven bank groups settle with TJX
December 19, 2007,
Framingham, Mass. – As off-price retailing titan The TJX Cos. continues to work its way out of its computer security breach fiasco, the $118 million reserve charge it took (in fiscal second quarter results) against settlement charges seems to be covering the liability expenses to date.
TJX denied all wrongdoing. The class action by the banks is still subject to a pending motion for reconsideration, TJX noted, “and a possible appeal by the non-settling plaintiff bank.”
The 2,572-store company last month reached a settlement with Visa that stipulated $40.9 million pre-tax “in alternative recovery payments” to issuing institutions, on condition that issuers of at least 80% of the eligible Visa accounts accepted the offer by today, Dec. 19. Now that condition seems to be achievable.
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